Development, external debt and opportunities of growth in low income countries

Developing countries should, in the current world, stand still in the main focus of economic studies. There is a strong two-way link between economic growth and human development (UNDP concept) that would be considered when implementing growth policies, mainly through income distribution in education and health areas. The impact of over indebtedness in low income countries severely stressess the oportunities of both growth and development in long term and normally has as a consequence the overexploitation of their natural resources and the misuse of human capacities. International consensus on the need for debt reduction in order to consider possible improvements in both growth and development has been built in the recent years, including relevant orthodox actors such as OECD or the IMF and fist paces have been taken in recent G7 meeting last june in Cologne. International civil society is assuming a relevant role in pushing for a transparent processes which assures that the resources freed from debt payment will be channelled to poverty reduction strategies.